UPDATE: FRANCE: CSM to remain in France
Dutch bakery and ingredients group CSM has said that the sale of its French frozen bread business does not represent a shift in strategy or a move away from the French market.
"In France we have another factory where we make ingredients. We are certainly not thinking of selling this business and we intend to remain active in the French market," a spokesperson for the company told just-food this afternoon (1 June).
"We are selling the frozen bread unit because we have insufficient skill to operate the business at an acceptable level of profit. While we are focusing on ingredients in the French market, this is not a change in strategic direction," the spokesperson added.
Following this morning's news of the sale, some analysts had speculated that the move could signal a new direction for the group.
In a note to clients, SNS Securities analyst Richard Withagen said: "This is the second disposal in France this year as CSM focuses on operations with value-added prospects."
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